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Nokia sells its headquarters

6
Nokia's waterfront headquarters is located near the Finnish capital of Helsinki.

Nokia is now leasing the giant main office building in Espoo, Finland, that it has called home for 15 years. The 48,000 square-meter (517,000 square-feet) building sold to Finnish property management firm Exillion for €170 million. 

Things are not looking good for the former mobile leader. This selling of assets comes after Nokia reported huge losses over the last year. According to the Wall Street Journal, Nokia’s net cash position has shrunk from €4.2 billion in June to €3.6 billion in September. Nokia has laid off over 10,000 workers in 2012 and jut last week, Nokia lost the head of their digital imaging team to Jaguar.

Full Press Release:

NOKIA TO SELL AND LEASE BACK HEAD OFFICE BUILDING

Nokia has agreed to sell and lease back its head office building in Espoo, Finland on a long-term lease to Finland-based Exilion. We expect to complete the sale by the end of 2012. The selling price is EUR 170 million.

“We had a comprehensive sales process with both Finnish and foreign investors and we are very pleased with this outcome. As we have said before, owning real estate is not part of Nokia’s core business and when good opportunities arise we are willing to exit these types of non-core assets. We are naturally continuing to operate in our head office building on a long-term basis,” said Timo Ihamuotila, CFO, Nokia.

 

Comments

Total comments: 6
Deleted pending purge
By Deleted pending purge (Dec 9, 2012)

Get lost in your vision without listening to the beat of the market, ignore your customers' wishes and just go on dishing out what you think is enough, and the next thing that happens...
Happened to Ford ages ago, too.

0 upvotes
paniagua
By paniagua (Dec 7, 2012)

This article doesn't do Nokia justice. They have been doing bad in the last years, but they now have killer products and are making a comeback to profitability with WP8. Selling the HQ is not an act of desperation, they just want to use the money for their core business operations. Many large successful companies rent their HQs. I'm confident in Nokia's return, and my next phone will definitely be a Lumia 920.

Comment edited 41 seconds after posting
0 upvotes
Deleted pending purge
By Deleted pending purge (Dec 9, 2012)

See above: "According to the Wall Street Journal, Nokia’s net cash position has shrunk from €4.2 billion in June to €3.6 billion in September. Nokia has laid off over 10,000 workers..."

0 upvotes
cjyphoto
By cjyphoto (Dec 5, 2012)

I seem to remember another company that released an incredible product only on ATT. How did that turn out? Love the 920 that replaced my iPhone.

0 upvotes
tem00
By tem00 (Dec 5, 2012)

Well, seems releasing an incredible product, the Lumia 920, only on ATT and GSM networks wasn't a real good idea. I would have bought one in a second if was released on my carrier Sprint, or even another CDMA.

0 upvotes
ConanFuji
By ConanFuji (Dec 4, 2012)

Irrelevant.... Let this be a lesson to Canon and Nikon to stay relevant in the eyes of consumers.

If its up to these jokers, we would still only be able to play Snake on our N series.

Comment edited 1 minute after posting
1 upvote
Total comments: 6
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